Argentina’s sovereign bonds surged after Milei’s party won the midterm elections. It’s amusing how persistent the market narrative remains that harsh fiscal consolidation can somehow put the economy back on a growth path.

"In a sense the budget deficit can be considered as an artificial export surplus." -Michał Kalecki

“Uncle Sam’s red ink is our black ink! His deficit is our financial surplus. Just follow the money: $100 goes into our bucket; $90 goes back out to pay taxes; $10 is left in our bucket.” -Stephanie Kelton

Probably the worst political/analytical instinct of progressives and some leftists is the belief that the solution to our political economy problems are new indices based on lower quality and lower frequency economic data without much methodological justification

What we should truly be concerned about is deflation in China.

Lenny Belardo must become the new Pope.

Doctor, what’s the diagnosis here?

Viva la Resistenza! Viva l'Italia antifascista! Buon 25 aprile a tutti! 🇮🇹

Not as effective as Trump providing a soundbite for the news, but the Tories are probably just getting the rye out for their lunch and muttering to themselves.

The problem with authoritarianism is that the authoritarians are dumber than a sack of bricks. The survival of American capitalism now relies on the nincompoop who started this mess finding a way out of it.

US consumers are coming under increasing pressure.

The first economic crisis I remember from my childhood was the Russian crash of 1998. Food prices soared by 100–200%. We couldn’t afford even the cheapest jar of coffee. I think many Russians still can’t shake off memories like that…

Latest article - quick comment on the situation in the Treasury market. open.substack.com/pub/bondecon...

Tin’s surging relevance.

Happy Easter to the haters and the losers.

Learn more about Ferdinand Mount on the Siege of Malta in today’s Chartbook Top Link. Visit the link in the comment to read.

With respect to my liberal finance law friends, if you think defending fed independence at this point is a winning hill for anti trump politics to die on I really hope you have a sense of what disproving that prior looks like and what you'd have to reassess if it ends up being

Learn more about the comparison of income inequality in the Roman and Chinese Han empires in Chartbook Top Link. Visit the link in the comment!

The Russian economy is in superposition: GDP is set to grow 3.1% in 2025, but signs of stagnation are mounting — credit and investment are slowing, retail is weakening. Growth is propped up by government spending, construction, and a tight labor market.

😩

Trump made mainstream economists remember macroeconomic identities.

😁

- "Sir, trade balance over imports does not make any sense" - "Let's throw in some Greek letters like nerdy scientists would do!" - "Ok, that'll do"

😂😂😂

Nothing would own me, a Liberal-adjacent Canadian, more than if Elon Musk devoted himself full time to supporting the Federal Conservatives in the upcoming election, particularly in eastern Canada. (OK, I want to see how close Pierre can get to matching poor old Kim Campbell’s election result.)

Russian data debunk the money multiplier: from 2005 to 2019, banks created money not from reserves but through lending. As in the U.S., credit demand is the main constraint. The credit theory of money wins. academic.oup.com/cje/article-...

Declassified documents suggest that if Trump had been president at the time, Kennedy wouldn’t have been killed!

❤️

Seems Musk has discovered MMT.... stephaniekelton.substack.com/p/elon-musk-... ... wish Reeves would do the same.

At the U.S. Embassy in Moscow, the ZVO signs were replaced with the hashtag #WeAreTogether immediately after the negotiations between Putin and Trump.

How do we resist the eternal temptation to draw parallels with 1914, 1929, 1939, 1991, 2008?.. Simply acknowledge: it’s 2025.

We’ve lived to see the day: Elon Musk is explaining the basics of MMT to Ted Cruz.

My life – a crisis in six acts: 1. USSR collapse – I don’t remember it, but it shaped everything. 2. 1998 default – The first crisis I recall. 3. 2008 recession – Didn’t hit me, but reshaped the world.

📊 What’s happening with the Russian economy in early 2025? According to the latest forecast by INP RAS (ИНП РАН), Russia’s GDP growth in Q1 is projected at +3.1% year-on-year, though the growth rate is already showing signs of slowing down.

“I want to put an end to all wars in the world,” Trump declared. “How, Mr. President?” “I’ll impose 200% tariffs and the toughest sanctions on everyone. Everyone must obey me – I am the greatest president! Putin called me a genius.”

Twitter is down. The U.S. government is paralyzed.

I now understand Europe’s concern about Russia. In November 1999, President Yeltsin asked President Clinton to give him Europe. clinton.presidentiallibraries.us/items/show/5...

Canadian Prime Minister–designate Mark Carney: "The Americans want our resources, our water, our land, our country. If they succeeded, they would destroy our way of life. In America, healthcare is big business. In Canada, it is a right."

Many are puzzled: why is Trump abandoning Ukraine? For the same reason he refuses to support Europe. His policy is extremely simple: minimize expenses (on Ukraine, Europe, the American working class, etc.) and make everyone pay America (through tariffs). This is just basic business logic.

It’s just that a recession is now being called an economic detox.

President Deals is back. open.substack.com/pub/bondecon...

Today’s Chartbook explores zero-sum thinking in U.S. politics– the belief that gains for one individual or group come at the cost of others. The zero-sum mindset greatly impacts issues like government redistribution, affirmative action, immigration policies, and more: tinyurl.com/bdesb9ye.

Does Trump even know that his tweets addressing Putin don’t reach their intended recipient because Twitter is blocked in Russia?

💔

The irony of history: Trudeau Sr. achieved full independence for Canada from the metropole, while Trudeau Jr. has effectively turned the country into the 51st state of the United States.

Just a classic Christmas family photo: the perfect mix of holiday cheer and suspense.

So, Trump wasn’t enough? Now we’re moving on to promoting far-right extremists in Europe too, with Musk backing Germany’s AfD.

In Post-Keynesian methodology, economics isn’t about abstract equations but an evolving system within a historical context. Institutions, uncertainty, and real dynamics matter more than "perfect markets".

Milgram Experiment (1961): Ordinary people delivered lethal electric shocks (fake ones) to others just because a man in a lab coat told them to. 65% went all the way. Conclusion: obedience to authority often outweighs conscience. Scary to think what we’re capable of.